Unit 2 - Marketing Flashcards
1
Q
What is a market?
A
- A market is a place where BUYERS and SELLERS come together.
2
Q
Why is marketing important?
A
- Allows the business to identify changing customer needs so they can modify their products accordingly to retain existing customers.
3
Q
What is market research?
A
- Market Research involves the constant gathering, recording and analysing of data about an organisation’s product/services and its target market.
4
Q
Identify the two types of market research
A
- Field Research
- Desk Research
5
Q
What are the advantages of field research?
A
- Information can be gathered for a specific purpose.
- Information is relevant
- Information gathered is up-to-date.
6
Q
What are the disadvantages of field research?
A
- It can be very costly to set up.
- It can take a great deal of time and expense to train interviewers.
- A wide audience must be surveyed if the findings are to be realistic.
7
Q
Identify methods of desk research.
A
- Interview
- Telephone Survey
- Postal Survey
8
Q
Identify advantages of desk research methods
A
- (Interview) - Allows 2 way communication
- (Telephone Survey) - Relatively inexpensive
- (Postal Survey) - Inexpensive
9
Q
State disadvantages of these desk research methods
A
- (Interview) - Home interviews
tend to be unpopular with consumers. - (Telephone Survey) - Some people refuse and just hang up.
- (Postal Survey) - Questions must be simple and easy to answer.
10
Q
Identify the four P’s
A
- Product
- Price
- Place
- Promotion
11
Q
Describe the four P’s
A
- (Product) - The actual item the business produces and sells.
- (Price) - This is how much a business charges for each product.
- (Place) - This is the way the business gets the product to the customer and where it is sold.
- (Promotion) - This is the way the customer is made aware of the product.
12
Q
Identify the stages of Product Development
A
- Idea Generation
- Market Research
- Creating a prototype
- Test marketing
- Making Changes
- 4 Ps decisions after market research
13
Q
State the stages of the product life cycle
A
- Introduction
- Growth
- Maturity
- Decline
14
Q
Describe these four stages
A
- (introduction) - sales are low and profits are negative
- (growth) - sales increase rapidly
- (maturity) - sales have reached their highest point and profits begin to fall
- (decline) - sales fall and profits possibly become negative
15
Q
Identify the four distrobution methods
A
- Road
- Rail
- Air
- Sea
